Tanya Abrosimova
Independent Analyst
- Ripple's coin has been moving down in sync with the market.
- Ripple's CTO says that the world is not ready for blockchain.
XRP/USD is hovering below $0.4060, having recovered from the recent low of $0.3868. The third largest coin with the current market capitalization of $17.0 billion managed to settle above the critical $0.40 handle; however, the upside momentum is too weak to allow for an extended recovery. XRP/USD has lost over 3% of its value since this time on Monday, moving in sync with the rest of the market.
Looking technically, the inial barrier is created by SMA50 (Simple Moving Average) 1-hour at $0.4050. Once it is out of the way, the upside is likely to gain traction with the next focus on $0,4100 strengthened by SMA100 1-hour. The ultimate resistance awaits on approach to psychological $0.4200 with SMA50 on a daily chart just below that handle.
On the downside, A strong barrier lies with $0.40. Once it is cleared, the sell-off is likely to gain traction with the next focus on the recent low of $0.3895.
Meanwhile, the chief technical officer of Ripple Labs David Schwartz believes that the world is just not ready for blockchain. While xCurrent and xRapid technologies can solve the problems of slow and costly transactions, banks and large financial institutions are in no hurry to jump to it as they are too conservative and rigid, according to Ripple's CTO.
Among other roadblocks on the way to blockchain mass adoption, he mentioned regulatory uncertainty, thin liquidity and immaturity of the cryptocurrency ecosystem as a whole.
XRP/USD, 4-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
MANTA suffers 4% pullback after unlocking tokens worth $40 million
Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks.
XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says
The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30.
Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction
Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000.
If Bitcoin restarts bull run, these altcoins are likely to explode Premium
If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.